Jennifer A. Klein
Derek Sandoval
By Jennifer Klein and Derek Sandoval
Pocket listings, or home listings that aren’t posted on the MLS, have become a hot topic lately. Placer County Association of REALTORS® YPN members Jennifer Klein and Derek Sandoval discuss the ramifications of pocket sales as well as buyers’ frustrations with this method of selling a home.
Jennifer Klein is a REALTOR® in Northern California who is experienced in short sales, investments, and property management. Connect with Jen at RosevilleAndRocklin.com, JenKlein.com, and @JenKleinSac.
Derek Sandoval has worked for Keller Williams Realty in Roseville, Calif., since 2009, and specializes in residential, REO, and short sales. Find Derek at www.dereksellshomes.com and dereksellshomes.featuredblog.com.
Comments 4
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I believe that the best interest of the sellers and buyers should be the topic.
The sellers should be made aware of the benifets of a pocket listings and to whoms pockets.
I have been working full time in real estate for 25 plus years and there have been only a few times when a seller is sick or so desperate for a sale that they do not care if they got the last 5k to 50k out of their property.
In most cases the seller does want the most money for their property, right?
No matter what producat that is being sold the more open market will bring the highest price.
I think that a proper disclosre form should be used to explaine the pocket listing and then let the seller elect to accept or not accept the form of pocket listing with full information.
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“Pocket Listings” always seem to be an issue when inventory levels are at low points. Competition also comes into play and the possibility of double commission is always there. But problems do arise as this type of activity plays havoc with statistical data that most real estate appraisers rely on to measure market condtions and sometimes effect comparable sales selection when compiling a appraisal report. Just like new construction builder sales that are not able to be verified may be overlooked by the appraiser. The missing statistical data could hurt the reliability of the appraisal report in several ways. While I have seen this practice of “silent listings” over and over again in the past 25 years it has never been a more important issue than now. Lenders require more and more data from appraisers than ever before with additional statistical data being the most required. If more accurate appraisals are desired then this data has to be available